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Geithner And Schauble Release Joint Non-Statement

Tyler Durden's picture




 

The U.S. Department of the Treasury, in conjunction with the German Finance Ministry, today released the following joint statement at the conclusion of Secretary Timothy Geithner’s meeting with German Finance Minister Wolfgang Schäuble:

“Timothy Geithner and Wolfgang Schäuble today met on the island of Sylt to use the informal atmosphere for an open exchange of views on global, U.S. and European economies. They emphasized the need for ongoing international cooperation and coordination to achieve sustainable public finances, reduce global macroeconomic imbalances, and restore growth.

 

“Both expressed confidence in Euro area member states’ efforts to reform and move towards greater integration. They welcomed the Irish example of placing successfully longer term bonds last week and Portugal's continued success in meeting program commitments.  They discussed the considerable efforts undertaken by Spain and Italy, to pursue far-reaching fiscal and structural reforms. The U.S. and Germany will continue to cooperate closely with their partners when advancing the policy agenda in autumn to further stabilize global and European economies.

 

“While again stressing the need for policymakers to adopt and implement all reform steps required to deal with the financial crisis and crisis of confidence, Secretary Geithner and Minister Schäuble also took note of statements from European leaders last week to take whatever steps are necessary to safeguard financial stability in the Euro area.”

* * *

In other words, a big steaming pile of nothing.

For those of you who don't know who Tim Geithner is, he is the man who 4 months before the US downgrade said there was "no risk" of the US being downgraded.

 

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Mon, 07/30/2012 - 12:00 | 2662377 DavidC
DavidC's picture

It's funny. And pathetic.

These idiots don't even realise that the comments they're coming out with now are making the situation MORE unstable, because there will come a point where the markets says enough jawboning, PROVE it.

DavidC

Mon, 07/30/2012 - 12:04 | 2662402 CPL
CPL's picture

When doing things about stuff, we find that there are these guys that have a long tradition of doing things.  It has come to our attention when things are done to stuff those guys are undecided on an area of open objectives.  As a conditional option surrounding the secondary agreement I concur with reservations on the actions as defined in the context of the quorum.

 

My summary of the discussion, Shakespeare comes to mind for some reason.

 

 

 

 

Mon, 07/30/2012 - 12:33 | 2662463 camaro68ss
camaro68ss's picture

Sweet, meet for 20min then party on an island for 7 days.

I want to be a goverment Employee

the rest of us are suckers, we have to work for 3 year to take a week long vacation.

Mon, 07/30/2012 - 14:32 | 2662981 GOSPLAN HERO
GOSPLAN HERO's picture

... and lots of topless talent on the island!

Mon, 07/30/2012 - 14:41 | 2663012 smlbizman
smlbizman's picture

and starring tim geithner...as the pengquin..

Mon, 07/30/2012 - 12:59 | 2662619 spastic_colon
spastic_colon's picture

in the minutes.......discussed lunch, favorite wine, how to time the release perfectly with AAPL Lion downloads, Draghi, ECB and whether the month end was on Monday or Tuesday this week.

Mon, 07/30/2012 - 13:51 | 2662820 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

They met "on the island of Sylt". Really? You can't make this shit up...sounds like they docked the Millenium Falcon somewhere nearby and discussed the mining of "spice" or something. Fantasy-land.

Tue, 07/31/2012 - 03:19 | 2664274 StychoKiller
StychoKiller's picture

Where can I find a job that pays as well and all I gotta do is make as much sense as a barking chicken?

Mon, 07/30/2012 - 12:09 | 2662424 geewhiz190
geewhiz190's picture

Read "Bailout" by Neil Barofsky to get an insight as to what kind of an incompetent liar Geithner is.  must read

Mon, 07/30/2012 - 19:35 | 2663755 Short Memories
Short Memories's picture

You had to read a book for that insight? :D

Mon, 07/30/2012 - 12:49 | 2662575 silverserfer
silverserfer's picture

David, they know what their doing. They are paid to lie. They are paid to say things that will keep the masses confidence in the market up. They know that it is a sham, they are paid to read off a script that is carefully orchistrated.You do what your told after you rub elbows with the elite. 

Mon, 07/30/2012 - 15:10 | 2663102 Rip van Wrinkle
Rip van Wrinkle's picture

Not a chance. They are the fekkin market.

Mon, 07/30/2012 - 11:59 | 2662378 gaoptimize
gaoptimize's picture

Disappointed supporters of motherhood and apple pie shorting treasuries today.

Mon, 07/30/2012 - 11:59 | 2662381 msjimmied
msjimmied's picture

Heh heh heh...

"

3. ZERO HEDGE. The mysterious person(s) behind this massive continuous stream of reports and analysis from the loony bin of Wall Street and beyond has a manic edge but accurately reflects the madness of the current situation. Zero Hedge seems to post virtually around the clock, every day. They are relentless and hugely comical, with exactly the right sharply malicious overtones required in these evil times. The characters who infest their comment section are some of the worst vermin in trolldom.

Kuntzler: http://kunstler.com/blog/2012/07/salutes-to-the-homeys.html

Mon, 07/30/2012 - 12:01 | 2662389 SheepDog-One
SheepDog-One's picture

He's talkin about Robo.

Mon, 07/30/2012 - 12:05 | 2662405 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Hey Kunsler!  I bet I would woop your ass!  Get down here and fight, you punk biotch!

Mon, 07/30/2012 - 13:02 | 2662624 slewie the pi-rat
slewie the pi-rat's picture

slewie is fringe vermin! 

verminomics, BiCheZ!

poli-vermin-olitics sounds like something for the talking birds, too  L0L!!!

btw, timmah & my faveorite finiMini may be smoking better weed than slewie, youie, and law enforement, put together, mrL_H...  even tyler seemed impressed w/ the whacky shellac-y

 

Mon, 07/30/2012 - 12:05 | 2662407 CPL
CPL's picture

Kunstler obviously hasn't been to lemonparty.org.

Mon, 07/30/2012 - 12:02 | 2662397 DavidC
DavidC's picture

Oh dear.

I guess I must be one of those 'vermin in trolldom', infesting, as I do, the comments section of ZH.

Oh dear.

DavidC

Mon, 07/30/2012 - 12:06 | 2662409 pods
pods's picture

Well I can pull off vermin.  Who am I kidding, I can ROCK vermin!

:)

Mon, 07/30/2012 - 12:08 | 2662419 CPL
CPL's picture

You wear it like a tailored silk suit.

Mon, 07/30/2012 - 12:13 | 2662444 BeetleBailey
BeetleBailey's picture

...this from a man whose name is phonetically pronounced as vagina slang...he must have serious pee pee issues.

How's that for vermin.....cunts-slur?

Mon, 07/30/2012 - 12:52 | 2662588 silverserfer
silverserfer's picture

one day were all going to drink some milk that will make us bleed out of our eyes and nostrils for our anti-banker views. 

Mon, 07/30/2012 - 12:00 | 2662382 vmromk
vmromk's picture

Geithner.....I need help with my taxes.

You available ?

 

Mon, 07/30/2012 - 13:30 | 2662729 old naughty
old naughty's picture

Sorry, he's on vacation.

Mon, 07/30/2012 - 12:00 | 2662383 Bogdog
Bogdog's picture

the non-statement made the EURUSD go................sideways.

Mon, 07/30/2012 - 12:00 | 2662384 pepperspray
pepperspray's picture

What did they eat for lunch?

Mon, 07/30/2012 - 12:07 | 2662414 pods
pods's picture

No doubt that Timmay brought some homemade keebler cookies?

My bet is he was cautious, and just brought the Fudge Stripes.

pods

Mon, 07/30/2012 - 14:34 | 2662993 jumbo maverick
jumbo maverick's picture

That was hilarious- homemade Keebler cookies
Still laughing here

Mon, 07/30/2012 - 13:05 | 2662634 Piranhanoia
Piranhanoia's picture

Silt,  or Sylt in the local vernacular

Mon, 07/30/2012 - 12:00 | 2662386 ShorTed
ShorTed's picture

If hot air and BS are the only things to come out of "high" level bankster meetings, i'd call it a victory for the rest of us.  The less they do the better.

Mon, 07/30/2012 - 12:53 | 2662595 viahj
viahj's picture

or you should finalize your preps as they are out of ideas and are only stalling while the goodies are stolen.

Mon, 07/30/2012 - 12:01 | 2662390 GraveyardSpiral
GraveyardSpiral's picture

Timmah: Should I stop paying MY taxes now, how about now?  What, what's that, look where?

Mon, 07/30/2012 - 12:01 | 2662391 azzhatter
azzhatter's picture

Can you imagine being an intelligent,accomplished professional and being told you have to meet the Keebler Elf

Mon, 07/30/2012 - 12:01 | 2662394 Peter K
Peter K's picture

Of course they lie. But I don't think Herr Schauble was lying when he said NEIN to buying Spanish and Italian paper.

And we have confirmation from the Spanish Treasury Minister that Spain will definately not ask for the ECB to buy it's paper.

Therefore, what is fueling all the hopium?

Mon, 07/30/2012 - 12:01 | 2662395 Bay of Pigs
Bay of Pigs's picture

Got it. Geithner blows Schauble...

Mon, 07/30/2012 - 13:34 | 2662747 Vince Clortho
Vince Clortho's picture

He didn't get to  be Sec of the Treasury by keeping his mouth shut.

Mon, 07/30/2012 - 12:02 | 2662396 fireangelmaverick
fireangelmaverick's picture

And the 4 month countdown begins " No risk of Greece, Germany or Finland leaving the euro-zone" TG

Mon, 07/30/2012 - 12:02 | 2662398 IndicaTive
IndicaTive's picture

Fucking morons don't know whether to shit or wind their watches.

Mon, 07/30/2012 - 12:03 | 2662401 milanitaly
milanitaly's picture

Hitler would have said NEIN.

There are no more real Germans.

Mon, 07/30/2012 - 12:10 | 2662429 Duke of Con Dao
Duke of Con Dao's picture

no more real Germans as seen in Triumph of the Will:

in this segment Prez Obama gives the bitch slap to Adolf Hitler 

for claiming he built the Nazi Party! Nein. Nein. Nein. Mein Fuhrer

http://www.youtube.com/watch?v=qeBkIt_NPXc

Mon, 07/30/2012 - 12:05 | 2662404 economessed
economessed's picture

Words are dependable substitute for a solution in all matters of economic dissolution!  Keep talking, Timouthy.

Mon, 07/30/2012 - 12:05 | 2662406 LongSoupLine
LongSoupLine's picture

 

 

"Stupid is, stupid does" - F. Gump

Mon, 07/30/2012 - 12:06 | 2662411 americanspirit
americanspirit's picture

How appropriate that they meet on Sylt, which is Germany's equivalent of The Hamptons.

Mon, 07/30/2012 - 12:06 | 2662412 ATM
ATM's picture

Was that press release written 3 weeks ago? I mean who the fuck gives a shit, reading that was the most worthless 34 seconds I've spent this week.

 

Mon, 07/30/2012 - 12:07 | 2662416 BeetleBailey
BeetleBailey's picture

The island of Sylt has a nice nude beach......other than that...not much. When these two idiots showeed up, the collective I.Q. was also de-nuded.

Mon, 07/30/2012 - 12:09 | 2662420 zebrasquid
zebrasquid's picture

Romney is coming soon and Timmy can go back full-time to cheating on his taxes.  Obama, likewise, can go back to doing whatever it is he did before being Prom King of the world.

 

Mon, 07/30/2012 - 12:23 | 2662491 DUNTHAT
DUNTHAT's picture

Playground Supervisor????

Mon, 07/30/2012 - 12:09 | 2662421 zebrasquid
zebrasquid's picture

.

Mon, 07/30/2012 - 12:08 | 2662422 littleguy
littleguy's picture

I had an informal meeting with my cat this morning and we concluded that Geithner and Schauble could do the world a lot of good if they took a running jump off the nearest cliff.

Mon, 07/30/2012 - 13:30 | 2662728 Vince Clortho
Vince Clortho's picture

Schauble could use timmy to break his fall.

Could be a Youtube favorite!

Mon, 07/30/2012 - 12:08 | 2662423 Vet4RonPaul
Vet4RonPaul's picture

Geithner is a criminal and a traitor.  He puts America no better than third to his real masters.  That Americans have tolerate politicians, on both sides, that nominate and confirm people like Geithner and Bernanke is a testament to the apathy of the American sheeple.  They don't deserve the country that their fathers fought for.  They should pack the fuck up and go back to China, India, Africa and the EU where being a Socialist serf was always okay.  Sheeple vote for Obamney and Mittens to keep their white collar welfare checks coming on the backs of non-public workers.

Mon, 07/30/2012 - 12:09 | 2662427 Conman
Conman's picture

the convo went like this:

Turbo timmay :Hey you germans should bail out europe -rememebr hitler? You owe them.

baron von schauble: nein.

Mon, 07/30/2012 - 12:10 | 2662428 Brother Sebastian
Brother Sebastian's picture

They both suffer from "glibido":  all talk and no action.

Mon, 07/30/2012 - 12:11 | 2662434 GMS guy
GMS guy's picture

And if Timmehhh can be so wrong - what about Bernanke?

 

http://www.youtube.com/watch?v=1BxJeTORe7g

Mon, 07/30/2012 - 12:11 | 2662436 duckarooni
duckarooni's picture

Something big must have been agreed and they're not telling. 7000 miles round trip for a quick chat, sure.

Mon, 07/30/2012 - 12:56 | 2662608 viahj
viahj's picture

Germany wants their gold back, US says...

Mon, 07/30/2012 - 12:14 | 2662450 rwe2late
rwe2late's picture

 It's not about Germans, or Italians, or Spanish. It's about so much more than that, something far greater ...

it's about the banks.

“Both expressed confidence in Euro area member states’ efforts to reform and move towards greater integration. ... whatever steps are necessary to safeguard financial stability."

Our banks are your banks,

and your NATO is our NATO.

Mon, 07/30/2012 - 12:15 | 2662451 Confundido
Confundido's picture

Geithner is right. There will be no downgrade. Everyone has been appropriately threatened or simply dealt with. But remember, if the price signal is repressed, volume adjusts nevertheless...rule #1 in economics, lest we forget!

Mon, 07/30/2012 - 12:22 | 2662485 DUNTHAT
DUNTHAT's picture

That's a good rule for everybody to think about ....

Mon, 07/30/2012 - 12:19 | 2662467 spanish inquisition
spanish inquisition's picture

got a whole Bill and Ted "Be excellent to each other. And... PARTY ON, DUDES "vibe.

Mon, 07/30/2012 - 12:22 | 2662479 rawsienna
rawsienna's picture

Until Germany says "we will pay for this mess without condition" or the PIGS say "we will be your bitches for the next 50 years if you pay for this mess" it is all bullshit.  I do not see the Germany accepting anything less than the same work/retirement/vacation/budget/etc rules in exchange for bailout and I dont see the South giving up on the fantasy that work is not something that should take precedent over leisure. I know - a simplication but basically the problem in a nutshell. 

Mon, 07/30/2012 - 13:05 | 2662633 bagehot99
bagehot99's picture

The first German politician to utter any words about picking up the tab for lazy Greeks, Spaniards, Italians, Portugese and Paddies, will be run out of Berlin on a rail. Therefore, it won't happen.

Therefore the Euro cannot survive. It can cling on to a diminished existence through the life support system of printed Monopoly money, for a while, but ultimately the Grim Reaper is at the door.

Even Timmy's modest intellect can probably absorb these basic truths.

He just can't say it out loud. They'll let the bond markets do the dirty work.

Deutsche Marks back by Q3 2013.

Tue, 07/31/2012 - 03:26 | 2664281 StychoKiller
StychoKiller's picture

"We want Munnee for nothing and cheeks for free!"

Mon, 07/30/2012 - 12:21 | 2662483 warchopper
warchopper's picture

The People's Front of Judea! It all makes perfect sense. The time for action is now!!!

 

http://www.youtube.com/watch?v=gb_qHP7VaZE

Mon, 07/30/2012 - 12:58 | 2662612 viahj
viahj's picture

"SPLITTER!"

Mon, 07/30/2012 - 12:23 | 2662494 q99x2
q99x2's picture

Globalists: Vermin that attempt world domination through financail terrorism.

Mon, 07/30/2012 - 12:26 | 2662506 Linus2011
Linus2011's picture

As just released by official german police sources in Bayern3 Radio:

"Geithner has been arrested here in Germany and will be held in prison until 3400 tonnes of Gold have been shipped to Frankfurt am Main"

Mon, 07/30/2012 - 12:59 | 2662618 viahj
viahj's picture

HAHA, keep him

Mon, 07/30/2012 - 12:34 | 2662532 Linus2011
Linus2011's picture

Schäuble has caught a bullet once already here in Germany. And he is desparately looking for more of the same.

Mon, 07/30/2012 - 12:34 | 2662533 Spigot
Spigot's picture

Sure, we just get together to have a bite to eat and talk about the latest scores, etc. Ummm...no. Media release for public consumption. What was talked about will never see the light of day.

Mon, 07/30/2012 - 12:56 | 2662604 Ted Baker
Ted Baker's picture

IT'S CALLED CENTRAL BANK PLANNING

Mon, 07/30/2012 - 13:24 | 2662699 miker
miker's picture

I disagree with Tyler's conclusion.  The statement says ALOT.  Last paragraph essentially implies they accept the need for the ECB to ease.  NO direct statement against. 

Next on to Draghi to formulate plan for easing.  It will not be sovereign debt so don't have to worry about Spain requesting.  It will be "private" debt in some form.  Again so new money will be able to be "directed" to various markets by ECB. 

It will happen this week, I'm fairly certain.  Economies are tanking big time all over.  Situation is looking grave.

Mon, 07/30/2012 - 13:34 | 2662745 ebworthen
ebworthen's picture

They met on the Isle of Silt to proclaim the granite foundation of insolvent banks?

Mon, 07/30/2012 - 14:26 | 2662955 MisterA
MisterA's picture

"If you listen carefully now..." you can hear the lies building up.

Mon, 07/30/2012 - 15:13 | 2663109 PontifexMaximus
PontifexMaximus's picture

Hehehe, he didn't come to see Wolfi Schäuble, it's only a courtesy visit, the reason for his trip is to give instructions to little Mario. But he could have saved the flight, leaving instructions in 200 West Street.....

Mon, 07/30/2012 - 19:01 | 2663699 sandhillexit
sandhillexit's picture

Schauble didn't have to show up, but he did. Old habits, no need to be rude, its not the Italians after all.  Usually he just doesn't get out of bed, when he doesn't want to discuss his policy.  Schauble has lots of time, the autoworkers still trust him.  For Geithner's boss time is very short. For BHO to have wind at his back in November  the  EURO should be 1.40 right now.  !.40 in October won't help any more, it will be too late.  The Dollar is all on Geithner's watch, no need to get authorization from Congress.   What can Tim threaten, or promise, to get German cooperation?  BHO pulls troops back from Ramstein, due to the sequester?  Euro drops....hmmm, no good.  And Mitt's in Poland, so too risky.  How about carrots, or carats?  US transfers German gold, EURO rallies..... 

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